q1 The Bass Company has projected the following quarterly sales amounts for the

Question

q1

The Bass Company has projected the following quarterly sales amounts for the coming year: Required: Accounts receivable at the beginning of the year are S450. Bass has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollar amount (e.g., 32)): Accounts receivable at the beginning of the year are S450. Bass has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following (Do not round intermediate calculations. Round your answers to the nearest dollaramount (e.g., 32)):

Explanation / Answer

We are assuming that the sales are made at the end of the quarter Q1 Q2 Q3 Q4 Beginning Receivables 450 240 300 360 Sales 240 300 360 510 Cash Collections 450 240 300 360 Ending Receivables 240 300 360 510 60 days Q1 Q2 Q3 Q4 Beginning Receivables 450 240 300 360 Sales 240 300 360 510 Cash Collections 450 240 300 360 Ending Receivables 240 300 360 510

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